Photo of Indranath Bishnu

Indranath Bishnu

Partner (Head – Insurance) with Cyril Amarchand Mangaldas. His work is focussed on the Insurance industry where he specializes in mergers and acquisitions and joint ventures and regulatory matters. He is currently leading the team from Cyril Amarchand Mangaldas engaged to advise the Regulation Review Committee constituted by the General Insurance Council and the Life Insurance Council in relation to overhauling and consolidating the regulatory framework issued by the IRDAI. He has advised various government bodies including Department of Financial Services (Ministry of Finance) and the IRDAI on reforms in the insurance sector. He currently serves as a member on the committee constituted by the IRDAI to study and recommend capital requirements for Insurance entities. On the transactional side, Indranath advises multiple corporations, both Indian and foreign, in relation to investments in the insurance sector as well as establishment, operation, management and control of insurance companies and intermediaries in India. He can be reached at indranath.bishnu@cyrilshroff.com

Investment Functions of Insurers and Insurance Brokers: On A Short Rope or Ample Wiggle Room?

Summary: This blog broadly outlines the IRDAI’s prescriptive investment framework for insurers, permissible asset classes thereunder, limited applicability to insurance brokers, and the regulatory intent behind these norms. It also highlights proposed amendments to the investments regulatory framework, granting insurers greater flexibility to invest in private companies while maintaining governance safeguards. For comprehensive, insurer-specific, or instrument-specific details, it is important to refer to the full text of IRDAI’s investments regulatory framework.Continue Reading Investment Functions of Insurers and Insurance Brokers: On A Short Rope or Ample Wiggle Room?

100% FDI in Insurance: Getting the Ground Ready

Summary: The Ministry of Finance has proposed significant amendments to the Indian Insurance Companies (Foreign Investment) Rules, 2015, marking the latest regulatory move towards enabling 100% foreign direct investment in insurance companies. This follows Finance Minister Nirmala Sitharaman’s Budget 2025-26 announcement to review and simplify FDI guardrails and conditionalities, representing a significant shift in India’s approach to foreign investment in the insurance sector. Our blog analyses the key proposals and implications for insurers/ intermediaries and stakeholders from a regulatory standpoint.Continue Reading 100% FDI in Insurance: Getting the Ground Ready

IRDAI Regulatory Reform Series: Rural, Social Sector, and Motor Third-Party Obligations

The Insurance Act, 1938 (“Insurance Act”), includes special provisions obligating insurers to mandatorily source a part of their business from persons residing in rural areas; workers in the unorganised or informal sector, or from economically vulnerable or backward classes of the society.[1] Insurers are also required to underwrite a minimum percentage of insurance business for third-party motor insurance policies, both under the Insurance Act[2] as well as the Motor Vehicles Act, 1988 (“MV Act”).[3] These requirements were, until recently, implemented through two distinct regulations issued by the Insurance Regulatory and Development Authority of India (“IRDAI”) – the IRDAI (Obligation of Insurer to Rural and Social sector) Regulations, 2015 (“RSO Regulations”), and the IRDAI (Obligation of Insurer in Respect of Motor Third Party Insurance Business) Regulations, 2015 (“MTP Regulations”).Continue Reading IRDAI Regulatory Reform Series: Rural, Social Sector, and Motor Third-Party Obligations

Indranath Bishnu and Ayushi Agrawal

Insurance Brokers Association of India projects insurance broking sector to capture a 45 per cent market share by 2030 following increased insurance penetration and the demand for insurance productsOver the past couple of years, the Indian insurance industry has seen a series of significant transformations and new developments. Modified regulations, liberalisation of commission regimes, and proposals for amendment of regulatory architecture have opened new avenues of growth for the insurance broking industry. Continue Reading Mergers and Acquisitions in the Indian Insurance Broking Space

Policy Wordings - Lost in Translation?

The reasons for lower insurance penetration in India are multifaceted. However, one of the main factors is limited financial literacy and awareness. Typically, legalese in the policy document makes interpretation and  understanding a challenge. Globally, the World Bank, OECD, and several other associations/ authorities have expressed the need for transparent communication to build consumer trust and confidence in the insurance industry. Given the current Indian demographics, the need of the hour is to simplify policy wordings to assist in greater financial awareness and aid the goal of insurance coverage for all.Continue Reading Policy Wordings – Lost in Translation?

A Review of the Performance of Surety Insurance Contracts in India

Introduction:

Surety insurance bonds (“Surety Bonds”) are a proven risk management mechanism, useful especially in the infrastructure, construction projects, and government procurement space. Surety Bonds can be an effective alternative financial solution to the principals/ contractors, who had to depend on bank guarantees earlier. Continue Reading A Review of the Performance of Surety Insurance Contracts in India

IRDAI Regulatory Reform Series: Listing of Indian Insurance Companies on Stock Exchanges

Background

On March 20, 2024, the Insurance Regulatory and Development Authority of India (“IRDAI”) notified the IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024 (“Registration and Capital Regulations”), which consolidated and rationalised the regulatory framework applicable on an Indian insurer in aspects, including listing on a stock exchange pursuant to an initial public offer (“IPO”) that may consist of a fresh issue of equity shares or an offer for sale. Our detailed analysis on the other aspects of Registration and Capital Regulations can be found here.Continue Reading IRDAI Regulatory Reform Series: Listing of Indian Insurance Companies on Stock Exchanges

IRDAI Regulatory Reform Series: Registration and Capital Structure of Indian Insurance Companies

Background

The Insurance Regulatory and Development Authority of India (“IRDAI”) has a statutory duty to regulate, promote and ensure orderly growth of the insurance business and reinsurance business in India. Based on the IRDAI’s initiative to promulgate consolidated and principle-based regulations to govern the insurance industry, the Life Insurance Council and General Insurance Council (representative bodies of life and general insurers, respectively) constituted the Regulation Review Committee (“RRC”) to review the entire insurance regulatory framework and recommend principle-based regulations.Continue Reading IRDAI Regulatory Reform Series: Registration and Capital Structure of Indian Insurance Companies

Primer on IRDAI Information and Cyber Security Guidelines 2023

Introduction

On September 14, 2023, the Insurance Regulatory and Development Authority of India (“IRDAI”) set up an inter-disciplinary standing committee on cyber security, tasked with regularly reviewing the threats inherent in the existing or emerging technologies and suggest appropriate changes to the IRDAI Information and Cyber Security framework to further strengthen the insurance industry’s cyber security posture and resilience.[1] This is in furtherance to the IRDAI having notified the Information and Cyber Security Guidelines on April 24, 2023 (“CS Guidelines 2023”).Continue Reading Primer on IRDAI Information and Cyber Security Guidelines 2023